5 1. Consider the following demand and supply functions:Q4 1000 -2P(Demand)Q =-500 + 3P (Private Supply)O =-800 + 3P (Social Supply)%3!and the following panels.PalPalPaPrePricePeDGuaPaneltQuanlyPQuertityQuantyQuentitya. Which panel best shows this case? Justify your answer.b. Find the private market clearing quantity anid price and social quantity and price. Justify youranswer.C. Find the tax necessary to set demand equal to social supply. Justify your answer.d. Find the change in producer surplus, the change in consumer surplus and the tax revenues andthe net social loss (net social gain) for this tax Justify your answer.

Disclaimer: Since it is a multiple part question, I am providing the answer to the first three…

1. Consider the following demand and supply functions: Q- 1000 - 2P (Demand) Q --500 + 3P (Private Supply) (Social Supply) Q--800 + 3P and the following panels. Fal Pal Pe Pae Panelt Quentily Quy Qunty Qany a. Which paneol best shows this case? Justify your answer. b. Find the private market clearing quantity and price and social quantity and price. Justify your answer. C. Find the tax necessary to set demand equal to social supply. Justify your answer. Sumlus and the tax revenues and

1. Consider the following demand and supply functions: Q- 1000 - 2P (Demand) Q --500 + 3P (Private Supply) (Social Supply) Q--800 + 3P and the following panels. Fal Pal Pe Pae Panelt Quentily Quy Qunty Qany a. Which paneol best shows this case? Justify your answer. b. Find the private market clearing quantity and price and social quantity and price. Justify your answer. C. Find the tax necessary to set demand equal to social supply. Justify your answer. Sumlus and the tax revenues and

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. If the tenants have the right to be free of loud music enforced through aproperty rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. ZeroB. OneC. TwoD. ThreeE. It depends on transaction costs
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Brief description of the pie chart for a proposal
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ONLY NEED QUESTIONS 5,6,8,10 and 13